More than 20,000 Cinemas in China Might Permanently Shut Down

June 1, 2020June 1, 2020 steezy 0 Comments China

After its unsuccessful reopening of cinemas nationwide, the Chinese cinema is potentially facing another major dilemma as the ongoing pandemic continues to take lives and businesses around the world. According to the South China Morning Post (via Variety), a new survey by the China Film Association has been conducted regarding the current state of the country’s thousands of movie theaters. In the survey, it has been revealed that 40% of cinemas in China could permanently shutdown and fie for bankruptcy due to the lengthen duration of the closures that were brought about by the country’s COVID-19 countermeasures.

There were a recorded number of 69,800 cinema screens in operation during the end of 2019 which means that a 40% closure could ultimately translate to an estimated loss of 27,920 screens and 5,000 venues. The China Film Association also noted that if the cinemas were to reopen this June, revenue could potentially achieve back its normal levels after six months. However, if the full reopening will be rescheduled to October, this year’s revenue will be extremely cut down by 91%.

China had been hoping to reopen cinemas to help boost the film industry in the country amidst the coronavirus pandemic and even had plans of rereleasing box office behemoths Avatar and the Avengers franchise in cinemas. However, their recent efforts to kickstart their film industry remains fruitless as new cases continue to emerge.

Movie theaters in China have been temporarily close down for over 130 days since its government ordered it on January 23 which is currently the longest cinema closure than any other country.

ComingSoon.net recommends all readers comply with CDC guidelines and remain as isolated as possible during this urgent time.

(Photo credit should read WANG ZHAO/AFP via Getty Images)

Courtesy of: comingsoon.net

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